Are We seeing more security in Bitcoin ?

[Josemendez]

According to data released by chainalysis , the rate at which Bitcoin is being used for illegal activities reduce up to 53% in the year 2020.

As at 2019 , there were a total of 20 billion illegal activities carried through Bitcoin . This statistics reduce by 53% in 2020.

Do you think that more security measures are putting towards improving security of Bitcoin and cryptocurrency in general ?
Will this convince the government about Bitcoin ?

 

[Kayzzy3]

According to data released by chainalysis , the rate at which Bitcoin is being used for illegal activities reduce up to 53% in the year 2020.

As at 2019 , there were a total of 20 billion illegal activities carried through Bitcoin . This statistics reduce by 53% in 2020.

Do you think that more security measures are putting towards improving security of Bitcoin and cryptocurrency in general ?
Will this convince the government about Bitcoin ?

This decrease can be attributed to increased interest in BTC from many people around the world, moreover Most exchanges now has stricter KYC hence dubious individuals would not want their Identity revealed.

Also most people from the beginning of the 2020 believed the prediction that BTC would reach an all time high so more people held on to their BTC refusing to sell. These two factors and more woukd have contributed to the decrease of such activities.

 

[Chief]

The recent drop in Bitcoin is a solidifying factor. Just like in any business, there are ups and downs and Bitcoin is a veritable platform to make a significant amount of money. The drop in Bitcoin will help it rise to a very high level.

 

[Ridorz]

That is good and great for Bitcoin and others cryptocurrency, the reducing of illegal used of cryptocorrency will make more people have interest in cryptocorrency to invest on it, and I believe that this will make government convinced about a cryptocurrency.

 

[KURTAULI]

It is now possible to decrypt a Bitcoin transaction This is no longer a big problem. If you want to buy a gun or a drug of course using bitcoin is a stupid move. Bitcoin algorithm is protected but not anonymous. In 2021, more information will be released about Bitcoin

 

[Rimsha kanwal]

According to data released by chainalysis , the rate at which Bitcoin is being used for illegal activities reduce up to 53% in the year 2020.

As at 2019 , there were a total of 20 billion illegal activities carried through Bitcoin . This statistics reduce by 53% in 2020.

Do you think that more security measures are putting towards improving security of Bitcoin and cryptocurrency in general ?
Will this convince the government about Bitcoin ?

A lot of people are convinced that digital coins are going to “change” the world, and they’ve “flipped” at the prospect of investing in Bitcoin, the cyber currency that “coined” the idea in the first place. Now, we think the idea of minting this new currency is… “cool” as well, but before you lose your “heads”, you should remember to always watch your “tails”. Because no matter how “cash” a new technology is, you always have to ask first: is it safe? Alright, enough

 

[Josemendez]

It is now possible to decrypt a Bitcoin transaction This is no longer a big problem. If you want to buy a gun or a drug of course using bitcoin is a stupid move. Bitcoin algorithm is protected but not anonymous. In 2021, more information will be released about Bitcoin

Yeah , presently the annoymous nature of Bitcoin transaction is no longer that annoymous ,and this has increased people's Interest and faith in Bitcoin Investment .
We hope that the government will come to understand that Bitcoin is no longer used for Illegal activities as it is held for earlier .

 

[ahmedo24]

This is actually a green pointer and the fact that bitcoin and Exchange platforms has improved greatly. The large marketplace for stolen credit cards in the darknet will also be closing by next month though it is said that the owner of the market place already made $1 billion bitcoin.

 

[Heatman]

According to data released by chainalysis , the rate at which Bitcoin is being used for illegal activities reduce up to 53% in the year 2020.

As at 2019 , there were a total of 20 billion illegal activities carried through Bitcoin . This statistics reduce by 53% in 2020.

Do you think that more security measures are putting towards improving security of Bitcoin and cryptocurrency in general ?
Will this convince the government about Bitcoin ?

• Earn money online fast

I believe with the way all Cryptocurrencies have been lately especially with Bitcoin, it's shouldn't be any better without more security for investors and those who trade on the coin. Bitcion is far more valuable than even the American USD, so all measures should be used to ensure its utmost security.

 

[GoldenLady]

According to data released by chainalysis , the rate at which Bitcoin is being used for illegal activities reduce up to 53% in the year 2020.

As at 2019 , there were a total of 20 billion illegal activities carried through Bitcoin . This statistics reduce by 53% in 2020.

Do you think that more security measures are putting towards improving security of Bitcoin and cryptocurrency in general ?
Will this convince the government about Bitcoin ?

Im curious, but since Bitcoin transactions supposed to be anonymous? How was such data compiled, since no one will openly come and say they carried out illegal transaction in public?

Does this mean it's not only the amount of Bitcoin transacted that is traceable, but also the purpose of which it was sent?

 

[Adeyoola7]

Bitcoin is encrypted and backed with a special system called blockchain. ... And in doing so, they make sure that all personal information is kept hidden away from any spying eyes, and that even if hackers do manage to get into the system, there's nothing of value to steal

 

[GoldenLady]

Bitcoin is encrypted and backed with a special system called blockchain. ... And in doing so, they make sure that all personal information is kept hidden away from any spying eyes, and that even if hackers do manage to get into the system, there's nothing of value to steal

I agree with that. It's what has kept Bitcoin safe for more than a decade without any major attack.

But they still found ways to attack people using dusting attacks, which if one is not careful can be silent and dangerous.

 

[Damscooguns73]

Concerning If we are going to see more security with the cryptocurrency coin bitcoin. Well, I belive we are because it was not as anonymous like before were some back door transactions are been made with bitcoin without no trace. Bitcoin is now a bit transparent to its customer and this will help boost the investors interest.

 

[Ehizzy1]

I am also surprised seeing the statistics , because i think that with the pandemic i have was expecting a rise in such cases , well i think the organization and government are finding and creating means to be able to track crypto currency and others to prevent crypto fraud atleast

 

[Niftyyem]

It is now possible to decrypt a Bitcoin transaction This is no longer a big problem. If you want to buy a gun or a drug of course using bitcoin is a stupid move. Bitcoin algorithm is protected but not anonymous. In 2021, more information will be released about Bitcoin

This is very interesting to know. I guess if this is really the case, then, we can expect even a bigger reduction in the percentage of crimes committed with bitcoin. For me, anonymosity is overrated where security is concerned.

 

[Josemendez]

I am also surprised seeing the statistics , because i think that with the pandemic i have was expecting a rise in such cases , well i think the organization and government are finding and creating means to be able to track crypto currency and others to prevent crypto fraud atleast

Same was my expectations ,but recently addresses used for stealing funds have been tracked to the exchange site where it was sent to ,and the fund frozen. This is part of the reason why scammers are considering using another method apart from bitcoin.

 

[Ehizzy1]

Same was my expectations ,but recently addresses used for stealing funds have been tracked to the exchange site where it was sent to ,and the fund frozen. This is part of the reason why scammers are considering using another method apart from bitcoin.

I think scammers might now be using privacy coins like monero and others , since they have seen the weakness there , like they could steal and put funds there and it would be more difficult to know track them, so they keep on using Monero , and that is why most country wants to ban the coin

 

[Highflyer]

Bitcoin is encrypted and secure

Bitcoin is encrypted and backed with a special system called blockchain. ... And in doing so, they make sure that all personal information is kept hidden away from any spying eyes, and that even if hackers do manage to get into the system, there's nothing of value to steal.Now, scammers are luring people into paying them with Bitcoin – a type of digital money or cryptocurrency. ... This scammers might use threats, intimidation, and high-pressure tactics to get you to pay right away.

 

[Josemendez]

I think scammers might now be using privacy coins like monero and others , since they have seen the weakness there , like they could steal and put funds there and it would be more difficult to know track them, so they keep on using Monero , and that is why most country wants to ban the coin

Well , presently privacy coins like Monero which the most popular ,have been banned in some countries , infact some exchange site do not have their trading pair . So it won't even be easy for them to use it. The monero Mining has reduced as well.

 

[btaliat]

This is a good move as it will reduce the illegal activities perpetrated by some bitcoins users. With this, it may mean we should be expecting more of securities measures putting in place for bitcoins users. Though I still don't want it to be traceable because government maybe putting more charge on the bitcoins users.